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Top executives must oversee product design, EU financial agencies say

( November 28, 2013, 13:33 GMT | Official Statement) -- MLex Summary: Financial companies’ top executive should take responsibility for overseeing the design of products offered to consumers, and taking action if risks arise, EU regulators said in principles to guide their work in setting future industry standards. Oversight functions include making sure that target markets are identified, transparency is sufficient and distribution channels are appropriate, authorities for banking, securities and insurance said after find poor practices in a survey last year.The text of the statement follows. Click the attachment at bottom for the full document....

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